Comments on: The Foolproof Method for Responsible Credit Card Use

By: Money Hacks Carnival #78 - Looking Back At Summer Edition | Financial Independence in Your 20s | Studenomics

Wed, 19 Aug 2009 06:56:52 +0000

[...] Kulicki presents The Foolproof Method for Responsible Credit Card Use posted at Fiscal [...]

By: Wojciech Kulicki

Wojciech Kulicki — Sat, 15 Aug 2009 13:03:15 +0000

I think that’s a bit overkill for me, but it’s definitely the best way to keep your credit card spending in control, since you’re spending the cash almost instantly. Thanks for sharing!

By: Wojciech Kulicki

Wojciech Kulicki — Sat, 15 Aug 2009 13:01:41 +0000

Baker has written a great post on his psychology of credit card use over at Get Rich Slowly. The “Do-I-Have-Enough-For-This?” Effect

By: Wojciech Kulicki

Wojciech Kulicki — Thu, 13 Aug 2009 23:49:51 +0000

That’s certainly one of my biggest concerns, and I’m aware of the statistics which back up your points. Hopefully, with an established envelope budget that doesn’t allow for spending more than allotted and a sizable emergency fund that prevents one-time emergency spending, the possibility of overspending is minimal.

If anything, we’d simply buy less for the same amount of money because we’re less concerned about individual transactions, but still aware of our budget limits.

Thanks for commenting!

By: Meg from FruWiki

Meg from FruWiki — Thu, 13 Aug 2009 21:39:51 +0000

I don’t think the rewards points — which most ppl don’t even redeem & are paltry considering how much I spend! — are worth the hassle. And it’s certainly not worth it if I spend more than I otherwise would using a debit card or cash, which is the case with most people.

I’ll stick to using my debit card!

By: George

George — Thu, 13 Aug 2009 19:29:53 +0000

This is exactly what I do with my credit card, although my method is a little bit different. As soon as I charge something to my credit card, I send in a payment for that amount using online banking – I don’t wait until the bill arrives at the end of the month.

When my bill arrives, it looks more like a bank statement than a “bill”. It has a series of debits and credits, and a zero balance at the bottom…

I get all the benefits of a credit card (points, etc) but the card is effectively working as a debit card, since the money’s coming out of my bank account immediately after the card is charged.

By: jason @ Redeeming Riches

jason @ Redeeming Riches — Thu, 13 Aug 2009 18:29:01 +0000

I think the idea of a separate account is a good one, that way you can keep track of it better when you do use the credit card. I think part of responsible credit card use is really getting out of the mindset of “ahh just throw it on the card, I’ll figure out how to pay it later” mentality that is so easy.

I used to be horrible with the cards and stopping my thought patterns on that was a huge step in being responsible for the debt.

By: Benefits of Using a Credit Card

Benefits of Using a Credit Card — Thu, 13 Aug 2009 17:31:17 +0000

[...] This will be a two-part series on credit cards. Today I’ll share some of the perks you’ll get from using credit cards, and tomorrow I’ll show you a foolproof way to never carry a credit card balance again. [...]

By: Personal Finance Buzz

Personal Finance Buzz — Thu, 13 Aug 2009 17:25:42 +0000

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